Establishes tax credits for converting office buildings to residential use in New York.

The bill creates two tax credits for converting office buildings to residential use. The office to residential conversion tax credit is administered by the Empire State Development Corporation. The historic preservation rehabilitation office to residential conversion tax credit is administered by the State Historic Preservation Office. Both credits provide a tax reduction for qualified projects, with specific criteria for eligibility and limitations on the amount of credits available.

Establishes tax credits for converting office buildings to residential use in New York.

The bill creates two tax credits for converting office buildings to residential use. The office to residential conversion tax credit is administered by the Empire State Development Corporation. The historic preservation rehabilitation office to residential conversion tax credit is administered by the State Historic Preservation Office. Both credits provide a tax reduction for qualified projects, with specific criteria for eligibility and limitations on the amount of credits available.